Orchard Caravans (Norfolk) Limited Filleted accounts for Companies House (small and micro)

ORCHARD CARAVANS (NORFOLK) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03045841

Orchard Caravans (Norfolk) Limited

Filleted Unaudited Financial Statements

31 December 2019

Orchard Caravans (Norfolk) Limited

Financial Statements

Year ended 31 December 2019

Contents	Pages

Balance sheet	1 to 2

Notes to the financial statements	3 to 9

Orchard Caravans (Norfolk) Limited

Balance Sheet

31 December 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5	423,192	445,625
Investments	6	130,000	130,000
		---------	---------
		553,192	575,625

Current assets

Stocks		270,733	345,091
Debtors	7	386,920	431,960
Cash at bank and in hand		48	2,064
		---------	---------
		657,701	779,115

Creditors: amounts falling due within one year	8	( 591,474)		( 676,321)
		---------		---------
Net current assets			66,227	102,794
			---------	---------
Total assets less current liabilities			619,419	678,419

Creditors: amounts falling due after more than one year	9		( 183,913)	( 192,922)

Provisions	( 32,792)	( 35,630)
	---------	---------
Net assets	402,714	449,867
	---------	---------

Capital and reserves

Called up share capital	51,000	51,000
Capital redemption reserve	25,500	25,500
Profit and loss account	326,214	373,367
	---------	---------
Shareholders funds	402,714	449,867
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings (including profit and loss account) has not been delivered.

Orchard Caravans (Norfolk) Limited

Balance Sheet (continued)

31 December 2019

For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 4 June 2020 , and are signed on behalf of the board by:

Mr H E Collins

Director

Company registration number: 03045841

Orchard Caravans (Norfolk) Limited

Notes to the Financial Statements

Year ended 31 December 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Great Eastern Way, Wells-Next-the-Sea, Norfolk, NR23 1LY.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and The Companies Act 2006.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest pound.

(b) Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and is recognised as these are provided.

(d) Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

(e) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

(f) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Plant and equipment	-	20 - 25% reducing balance
Fixtures and fittings	-	20% reducing balance
Motor vehicles	-	25% reducing balance
Computer equipment	-	33% straight line

(g) Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

(h) Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

(i) Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

(j) Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

(k) Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

(l) Operating lease

Lease payments are recognised as an expense over the lease term on a straight-line basis.

(m) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

(n) Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

(o) Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 16 (2018: 17 ).

5. Tangible assets

	Freehold property	Plant and equipment	Fixtures and fittings	Motor vehicles	Computer equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2019	273,010	329,448	54,225	312,725	15,037	984,445
Additions	–	2,700	2,528	25,899	2,993	34,120
	---------	---------	--------	---------	--------	------------
At 31 Dec 2019	273,010	332,148	56,753	338,624	18,030	1,018,565
	---------	---------	--------	---------	--------	------------
Depreciation
At 1 Jan 2019	39,910	226,627	38,746	218,865	14,672	538,820
Charge for the year	5,073	22,144	3,675	25,084	577	56,553
	---------	---------	--------	---------	--------	------------
At 31 Dec 2019	44,983	248,771	42,421	243,949	15,249	595,373
	---------	---------	--------	---------	--------	------------
Carrying amount
At 31 Dec 2019	228,027	83,377	14,332	94,675	2,781	423,192
	---------	---------	--------	---------	--------	------------
At 31 Dec 2018	233,100	102,821	15,479	93,860	365	445,625
	---------	---------	--------	---------	--------	------------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2019 and 31 December 2019	130,000
	---------
Impairment
At 1 January 2019 and 31 December 2019	–
	---------

Carrying amount
At 31 December 2019	130,000
	---------
At 31 December 2018	130,000
	---------

7. Debtors

	2019	2018
	£	£
Trade debtors	351,409	379,420
Amounts owed by group undertakings and undertakings in which the company has a participating interest	9,347	9,347
Other debtors	26,164	43,193
	---------	---------
	386,920	431,960
	---------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	71,463	74,445
Trade creditors	206,404	258,785
Amounts owed to group undertakings and undertakings in which the company has a participating interest	11,820	56,231
Corporation tax	8,061	5,843
Social security and other taxes	51,044	51,237
Other creditors	242,682	229,780
	---------	---------
	591,474	676,321
	---------	---------

The bank borrowings are secured. Finance lease and hire purchase creditors are secured on the assets concerned.

9. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	148,461	47,500
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	105,000
Other creditors	35,452	40,422
	---------	---------
	183,913	192,922
	---------	---------

The bank borrowings are secured. Finance lease and hire purchase creditors are secured on the assets concerned.

10. Other financial commitments

At 31 December 2019, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £653,740 (2018: £707,100).